Bitcoin - Pennywise is out of the box ! His real name is Ordinals Protocol !
Prof. (Dr.) h. c. Joerg M.
Author ?The Generation Bitcoin“, Head of Smart World Education, GBA Contributer, Bitcoin Philosopher, AI consultant, Member galterprofmkb.org,
The horror has just started - Is Bitcoin becoming a playground for idiots?
Yes this is a challenging term. You can call it like you want but why should Smart Art performed as well on DLT systems come to a truly decentralized system which purpose is to serve alternative form of money against fiat ?
Open Bitcoin for side chain solutions like Lightning Network or Liquid Network makes sense because these are additional use cases underlining the aspect why Bitcoin has been created - Introducing money and a monetary system which cut off the demand for interest fees and the systematic of fiat world which gave us great poverty and sweat shops keeping the system of slavery and boundary in a new way like the old colonialists done before. Yes of course in a smarter way, but hunger and thirst because of less access to resources and standards created by dictatorship of wealthy countries who need cheap places for mass production is reality. Bitcoin is here to solve this problem.
This problem is caused because governments of countries in poverty going hand in hand with those governments supporting them by accepting poverty instead of challenging those government to rethink if they should let it happen. Business knows that and is always seeking contracts in this countries. Actually ChatGpt was trained by Kenians for $2 an hour and less.
To understand the whole insanity of all of this look at the NFT market. Turning the idea of securing owner ship and copyright protection into a mass phenom of greediness and money laundering (selling a shoe never will ever wear for 65 billion dollar is more than questionable because this item will never be sold higher than this price except you are going to launder money)
And the reality was - it has been far away from the Bitcoin world.
Ethereum was the answer of the people who haven't been agreed with the vision of Satoshi Nakamoto (and those liar about the vision also created a centralized version of Bitcoin called Bitcoin SV - what a dirty world we are living in today?) More those who hav no really no idea about the vision of Bitcoin and Satoshi Nakamoto are telling people they have and trick them into knowledge courses.
Now, company called Ordinals misused again the vision. Creating inscripts which are not NFT's but also collectibles you can't change or replace and therefor onchain like PDF, Music, Art etc. on a limited coin system, just to keep their value high is criminal.
The news of cointelegraph wrote this:
"Bitcoin bull Dan Held was one of those on board with the development"
Learning about Bitcoin is differten of learning about Altcoins and Fiatmarket twins like FTX and other. Learning in Bitcoin is to understand the philantrophy aspect of this vision and not the way how to open Bitcoin for already failed old catalysts binding people in the fiat world. This is ad absurdum. And if you think about ethical correctness and morality and humanism. Trading NFT for sure nothing like that. Yes of course you will say I can trade an object for supporting the development country and spend the money from an auction. Wow ! And now ? Fiat money does not have a sustainable value as you can see nowadays through the crises. SUSTAINABLE
MONEY IS A LIMITED SUPPLY CHAIN FOR EXCHANGING GOODS WITHOUT CREATING INTEREST TO KEEP PEOPLE MORE BUSY TO PRODUCE AND WASTE RESOURCES
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THE TECHNOLOGY BEHIND EXPLAINED
Inscribing is done by sending the satoshi to be inscribed in a transaction that reveals the inscription content on-chain. This content is then inextricably linked to that satoshi, turning it into an immutable digital artifact that can be tracked, transferred, hoarded, bought, sold, lost, and rediscovered.
What does this mean ?
In a way everything you create today, a picture, music, a pdf or whatever is the sum of 0 and 1 in computersystem ordered for transportation. In this technologies Satoshis (1 Bitcoin equal to 100,000,000 Satoshis) will be locked for the entire life. They can't be spend anymore other than as a part of the item for example a picture. The artwork is digital and can be put in a block because it is devided into thousand single pieces and this pieces will be connected if you start to watch the picture. This allows huge content to be transferred to different owners and wallets. Because the transaction of one item can be done over several blocks. And these informations will be reconnected in the right order if all pieces have benn send. This is a functionality of the wallet. So yes, the items are really on-chain and not stored on several server outside the blockchain only linked to a transaction. Metadatas and transaction here comes to a unique happening and joint venture.
Therefor the Satoshis used to be inscribed never accessible anymore.
A satoshi inscribed can't reconnected to the network as a kind of money. So imagine Bitcoin price rises and 1 Satoshi will become 40ct for instant. You are not able to spend this.
THE REAL WORSE CASE OF ORDINALS - USING BITCOIN OF MONEY WILL BE HARDER EVERYTIME SOMETHING HAS BEEN CREATED AND LINKED TO A SATOSHI AS INSCRIBED BECAUSE THIS SATOSHI IS NOT ACCESSIBLE ANY MORE FOR MONEY PURPOSES. MONEY AS FREE MONEY - AS A PART OF A BITCOIN ITSELF !
Look at El Salvador. Bitcoin you can use without exchanging into fiat and this country never will exchange his Bitcoin into fiat because its part of the system and therefor a native item of exchange which does not have to be exchanged. This is creating and gaining value for the people. Outside from marketplaces.
If you pay someone in Bitcoin and he does the same a circle starts where Bitcoin becomes a money system with the benefit that there is no interest fee or debt. If people start to produce their needs and you can only by them with Bitcoins then any group of people becomes independent from the system.
USING ORDINALS FOR BUILDING NFT'S IS CONFISCATING THEM ! But Bitcoins real value is to be unconfiscatable.
Okay you will probably wonder why this is a danger because there are enough Satoshis following 21,000,000 Bitcoins x 100,000,000 Satoshi. But if people start to realize that all their defi chains will be regualted and there are no free market places anymore they will onboard the system of Bitcoin because you can do all this there now. And it is censorship free. We have 7 billion people. Out of this 1.8 trillion picture a year are taken. If you want to store pictures on the safest place on earth - you can do by storing them on the Bitcoin network. Think about how many art (music etc) is also created or documents. 100,000,000 Million looks like a small number compared to this.
And imagine what happens to transaction fees. Sending one satoshi is nothing but filling up blocks with satoshis to be send as inscribt, making them worthless, keeping the price of tx fee up, because overrun the mempool. If you do this on the lightning network would be better. But who cares actually?
Bitcoin is money. Will be money and stays at money. It is easy if node owners understand the vision of satoshi. With a simple fork we can whipe out that functionality and this is not censorship. It's just rescuing a unique money system which is not a playground for idiots but a tool to solve problems or a weapon to keep the balance in a more and more controlled world. This is protecting the highest value - freedom. Nothing more or less.